Adam Smith was important because he wrote "The Wealth of Nations," which is a bible of capitalism, and he also achieved the firm comprehensive system of political economy. He was born in Scotland and was a known philosopher and political economist. He studied moral philosophy at Glasgow University. Smith first published a volume called "An Inquiry into the Nature and Causes of the Wealth of Nations."Continue Reading
During his time, a country's wealth was estimated by the amount of gold and silver it owned. Smith proposed that the nation's wealth should not be measured through this metric, but through its total production and commerce, which today is known as gross national product. He also talked about the concept of division of labor, which would help to increase production through specialization.
Smith believed that free market economies are productive and helpful to the society. He said that if people were set free to work by themselves, it would lead to economic property and growth to all. He earned a stable reputation after writing "The Wealth of Nations," which is one of the most influential books ever written. Smith was named the rector of Glasgow University in 1787. He died 3 years later.Learn more about Economics
A private enterprise system is the foundation of free market capitalism; it involves open markets and competition and is led by private individuals seeking profit. In private enterprise, the government and its agencies do not control businesses or profitability.Full Answer >
As of February 2015, the economic system of modern Egypt is based on free market capitalism. It is an important trading partner for many European and Middle Eastern countries.Full Answer >
Investopedia explains that the origin of economic thought lies with a man named Adam Smith who was heavily influenced by French writers and philosophers. Smith developed the discipline of economics as an alternative to French mercantilism, which was an easily exploited system that benefited the wealthy at the expense of the common classes. Other important economic thinkers include Karl Marx, Milton Friedman and John Maynard Keynes.Full Answer >
"Land of Promise" and "An Empire of Wealth" are highly rated books about the history of the American economy as of 2015, according to online reviews from Amazon.com and Barnes & Noble. "Land of Promise" scores most highly with reviewers on both websites.Full Answer >